Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by M&T Bank Corp

M&T Bank Corp lessened its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 5.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 89,212 shares of the semiconductor company's stock after selling 5,210 shares during the quarter. M&T Bank Corp's holdings in Marvell Technology were worth $5,493,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of MRVL. Intrepid Financial Planning Group LLC boosted its stake in shares of Marvell Technology by 0.3% in the 4th quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company's stock worth $2,860,000 after buying an additional 90 shares during the last quarter. PDS Planning Inc boosted its stake in shares of Marvell Technology by 3.3% in the 4th quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company's stock worth $319,000 after buying an additional 92 shares during the last quarter. Tradewinds LLC. boosted its stake in shares of Marvell Technology by 0.7% in the 4th quarter. Tradewinds LLC. now owns 14,050 shares of the semiconductor company's stock worth $1,552,000 after buying an additional 101 shares during the last quarter. Coldstream Capital Management Inc. boosted its stake in shares of Marvell Technology by 1.0% in the 4th quarter. Coldstream Capital Management Inc. now owns 11,344 shares of the semiconductor company's stock worth $1,253,000 after buying an additional 116 shares during the last quarter. Finally, Nicolet Advisory Services LLC boosted its stake in shares of Marvell Technology by 3.1% in the 4th quarter. Nicolet Advisory Services LLC now owns 3,916 shares of the semiconductor company's stock worth $448,000 after buying an additional 118 shares during the last quarter. Institutional investors own 83.51% of the company's stock.

Insider Buying and Selling at Marvell Technology

In other news, EVP Mark Casper sold 12,460 shares of the business's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total transaction of $685,300.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Chris Koopmans sold 6,000 shares of the stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $65.10, for a total transaction of $390,600.00. Following the sale, the chief operating officer directly owned 92,065 shares in the company, valued at approximately $5,993,431.50. The trade was a 6.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,394 shares of company stock worth $1,656,076. 0.19% of the stock is currently owned by corporate insiders.

Marvell Technology Trading Down 0.9%

MRVL traded down $0.65 on Friday, hitting $72.71. The company had a trading volume of 9,957,323 shares, compared to its average volume of 15,773,258. The company has a market cap of $62.81 billion, a PE ratio of -127.56, a PEG ratio of 0.80 and a beta of 1.81. Marvell Technology, Inc. has a 12-month low of $47.09 and a 12-month high of $127.48. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22. The business's fifty day simple moving average is $67.80 and its 200 day simple moving average is $80.54.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.01. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The company's revenue for the quarter was up 63.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.24 earnings per share. Equities research analysts expect that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date of this dividend is Friday, July 11th. Marvell Technology's dividend payout ratio (DPR) is -42.11%.

Wall Street Analysts Forecast Growth

MRVL has been the topic of several analyst reports. Evercore ISI lowered their target price on Marvell Technology from $135.00 to $133.00 and set an "outperform" rating on the stock in a research report on Friday, May 30th. The Goldman Sachs Group initiated coverage on Marvell Technology in a research report on Thursday. They set a "neutral" rating and a $75.00 target price on the stock. Cantor Fitzgerald lifted their target price on Marvell Technology from $60.00 to $75.00 and gave the company a "neutral" rating in a research report on Wednesday, June 18th. Melius Research lifted their target price on Marvell Technology from $67.00 to $76.00 and gave the company a "hold" rating in a research report on Wednesday, June 18th. Finally, China Renaissance initiated coverage on Marvell Technology in a research report on Thursday, June 5th. They set a "buy" rating and a $110.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $94.47.

About Marvell Technology

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.